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Monday, 28 February 2022 13:36 Written by
Published in SME Opportunities

How SMEs Can Leverage Technology To Thrive —Experts

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SMALL and Medium Scale Enterprise (SMEs), have been urged to digitise their structures to explore available loan facilities by different banks.

The SMEs, who current­ly experience the chal­lenge of access to finance, were urged to simplify their process in data gath­ering and information analysis to get captured.

Experts who gathered at a virtual event organised by Sparkle Microfinance Bank, said small busi­nesses do not usually have the capacity and expertise to create and maintain proper documentations and financial records at the level and in a manner that would show transpar­ency and efficiency for fi­nanciers to extend credits to them.

Chief Executive Officer, Flour Mills Nigeria, Boye Olusanya, said: “I think that the major challenge for SMEs is book keeping and financial records. If this is resolved, I believe that financiers would be able to step forward and support SMEs.” Olusanya said financial literacy is a priority. “Most SMEs want to build trust and need to experience the value that the Fintechs and other players in the financial ecosystem will bring to the table.”

Chief Executive Officer, MTN Nigeria, Karl Toriola, said there is abundant data between telecom­munication and banks for SMEs, but what is needed is collaboration. Deputy Director, Enterprise De­velopment Centre, Pan Atlantic University, Nneka Okekearu, said all SMEs should understand their business very well and realise that activity and profitability are two dif­ferent things. Okekearu said there is a need for the banking sector to cre­ate more innovations for entrepreneurs in access to financial literacy and access to market.

Senior Vice President, CEMEA, Visa, Otto Wil­liams, said SMEs need to digitise its process for access for financiers to locate them.“

 

Source: https://www.thepointeronlineng.com/article?artId=8944&art=How_SMEs_Can_Leverage_Technology_To_Thrive_%E2%80%94Experts_

 

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